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Network Rail have revealed the results of a detailed investigation into the need for new capacity on Britain's railway network. It concluded that a new 200mph high-speed line to the Midlands, the North West and Scotland, halving travel time to Scotland to just over two hours, was the best option generating almost £55bn of value with a capital construction cost of £34bn.

Iain Coucher, Network Rail's chief executive said: "High-speed rail can transform Britain. It can promote economic growth, regeneration and social inclusion. It is a low carbon option - cutting domestic flights and taking cars and lorries off the road. It will release capacity on the existing rail network and revolutionise passenger journeys."

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